Article 448 — Preferred Right of Subscription

1/ Shareholders shall have a preferred right of subscription of new shares, in proportion to the number of shares held. 2/ The right indicated under Sub-Article (1) of this Article may be disposed or assigned under the same conditions as the share itself, during the period of subscription. 3/ The preferred right of subscription may not be exercised in the event of conversion of debentures into shares; The decision of the general meeting relating to issue of debentures convertible into shares at the will of the holders shall indicate renunciation by shareholders of their preferred right of subscription at the time of the issue.